King Abdullah: Economic reforms requires political changes

King Abdullah II on Saturday urged the World Economic Forum meeting in Amman to create new strategies for the Arab region, insisting political change is needed for economic reforms.

 “Your meetings here focus on an area of urgent need, economic growth and jobs,” the king told economic experts and world leaders meeting by the Dead Sea as he opened the two-day forum. “It is hard to find a more central concern for our people especially our young people, the majority of our population,” he said.

 “Let's be clear. Political reform is economic reform. For businesses to invest and expand with confidence, they need a predictable, level playing-field... transparency and accountability the rule of law and a strong, stable foundation of inclusive political life.”

King Abdullah said the sweeping developments in the Middle East this year “have opened the way to positive change, but in many places, also created painful economic dislocations.”

“Strategies are urgently needed, and they must take place across the board  in economic life; in politics and policies; in social life and cultural values,” he said.

The Arab Monetary Fund has said growth rates in Arab countries are expected to slump in the wake of the Arab Spring and wave of pro-democracy uprisings.

Since January, Jordan has faced protests demanding political and economic reforms and an end to corruption.